The Bitcoin market has recently shown a clear weakening trend. The latest data shows that the Bitcoin price has fallen to around $120,500, significantly retreating from previous highs. From a short-term market performance perspective, short positions dominate, and every rebound seems weak and lacks sustainability.

The current market focus is on the key range between $122,000 and $122,500. If the price can stabilize within this range, there may be a short-term rebound opportunity. However, if the price continues to decline and falls below the important support level of $120,000, the market may face further downside risks.

It is worth noting that although market sentiment is pessimistic in the short term, Bitcoin's position as the mainstream cryptocurrency remains solid. Investors need to closely monitor market trends and manage risks appropriately when making trading decisions. At the same time, they should also be wary of potential oversold rebound opportunities in the market.

Overall, the Bitcoin market is currently at a critical technical position, and the subsequent trend will largely depend on whether the support level of 120,000 USD can hold. Investors should remain cautious and be prepared for various possibilities.